Cash flow quality remains erratic, highlighted by a 2025Q4 OCF/NI ratio of -1.61, indicating a persistent disconnect between reported earnings and actual cash generation.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 26.43M | 17.32M | 28.93M | 33.42M | 16.06M | 680K | 8.73M | 716K | 695K | 6.7M | -1.39M | -2.8M | 3.07M | 15.13M | 15.78M | 35.6M | 6.58M | 11.85M | -11.29M | 21.07M | 94.67M | 28.6M | 4.93M | 2.41M |
| Operating CF Margin % | 32.87% | 20.11% | 34.88% | 41.43% | 28.49% | 1.13% | 13.22% | 1.74% | 1.77% | 23.58% | -10.61% | -77.82% | 15.29% | 48.14% | 37.84% | 39.18% | 6.09% | 4.6% | -4.48% | 6.8% | 38.77% | 30.48% | 21.36% | 21.08% |
| Operating CF Growth % | 52.59% | -40.13% | -13.42% | 108.08% | 2261.91% | -92.22% | 1119.97% | 3.02% | -89.63% | 583.35% | 50.52% | -191.3% | -79.71% | -4.12% | -55.68% | 441.39% | -44.49% | 204.93% | -153.58% | -77.74% | 231.01% | 480.14% | 104.65% | - |
| Net Income | 3.09M | 5.03M | 6.07M | 18.95M | 8.62M | -22.82M | -14.77M | -11.13M | -13.37M | 1.05M | -8.51M | 2.9M | 1.41M | -63.98M | -189.11M | 2.51M | -50.2M | 25.64M | -49.08M | 15.14M | 68.68M | 32.79M | 1.63M | 201K |
| Depreciation & Amortization | 21.94M | 23.15M | 23.58M | 21.86M | 15.63M | 13.21M | 12.44M | 6.76M | 5.86M | 3.59M | 795K | 877K | 6.76M | 11.89M | 29.39M | 35.81M | 35.01M | 33.47M | 28.04M | 40.13M | 47.05M | 13.11M | 3.6M | -2.55M |
| Stock-Based Compensation | 0 | 0 | 0 | -16K | -34K | 0 | -34K | -34K | -25K | 239K | 131K | 0 | 345K | 378K | 1.41M | 2.02M | 3.47M | 5.12M | 935K | 3.71M | 3.48M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 1.87M | 0 | 0 | -2.11M | -148K | 704K | 3.7M | 0 | -3.95M | 0 | 180.97M | -3.74M | 25.09M | -54.42M | -11.93M | -42.13M | -14.02M | 0 | 0 | 0 |
| Other Non-Cash Items | 7.44M | 2.84M | 4.74M | 2.43M | 840K | 13.26M | 6.34M | 5.29M | 9.61M | -1.4M | 1.97M | -4.42M | 1.81M | 67.22M | -2.83M | -865K | -2.63M | 13.79M | 1.46M | 3.71M | -327K | -29.5M | 824K | 5.1M |
| Working Capital Changes | -6.03M | -13.7M | -5.46M | -9.81M | -10.86M | -2.97M | 4.73M | 1.94M | -1.23M | 2.52M | 527K | -2.16M | -3.31M | 1.28M | -4.04M | -138K | -4.16M | -11.75M | 19.28M | 506K | -10.19M | 12.2M | -1.13M | -343K |
| Change in Receivables | -566K | -3.2M | -309K | 68K | -76K | 642K | 173K | -194K | -602K | 88K | -57K | -50K | 384K | 1.28M | -2.19M | -314K | 2.86M | 7.83M | 12M | 12.34M | -19.56M | -19.15M | -689K | 87K |
| Change in Inventory | 251K | -68K | 111K | -355K | -157K | 334K | -385K | 58K | -62K | -181K | -78K | -324K | -1.5M | 0 | 660K | -171K | 476K | 6.99M | -1.5M | -152K | -3.09M | -2.71M | -220K | 0 |
| Change in Payables | 2.17M | 564K | -503K | -82K | -123K | -2.08M | 1.46M | 695K | -207K | 954K | 114K | -311K | -1.65M | 0 | 2.47M | 663K | -5.05M | -12.43M | 6.35M | 2.59M | 2.05M | 7.33M | 1.88M | 497K |
| Cash from Investing | -1.31M | -12.4M | 2.52M | -142.66M | -76.65M | 184.8M | -199.45M | -68.43M | -59.07M | -77.07M | 736K | -44.45M | 50.99M | 6M | 124.93M | 25.73M | -104.37M | 58.55M | -318.28M | 531.59M | -524.86M | -344.9M | -20M | -18.3M |
| Capital Expenditures | -9.31M | 0 | 0 | -216.71M | -115.51M | -117.35M | -199.45M | -63.55M | -41.43M | -73.38M | -53.41M | -45.91M | -14.4M | -7K | -356K | -416K | -836K | -234.19M | -395.68M | -31.34M | -677.94M | -353.75M | -21.96M | -18.55M |
| CapEx % of Revenue | 11.58% | - | - | 268.69% | 204.93% | 194.86% | 301.8% | 154.83% | 105.25% | 258.09% | 408.49% | 1274.6% | 71.73% | 0.02% | 0.85% | 0.46% | 0.77% | 90.99% | 156.86% | 10.11% | 277.6% | 377.02% | 95.14% | 162.32% |
| Acquisitions | 0 | 11.6M | 2.52M | 2.3M | 2.98M | 310.05M | 0 | -3.68M | -17.64M | 29K | 54.15M | 0 | 37.55M | 0 | 0 | 0 | -136.68M | 0 | 0 | 0 | 0 | -327.63M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 8M | -24M | -2.52M | 71.75M | 35.89M | 0 | 0 | 0 | 17.64M | 0 | 1.58M | 1.46M | 27.84M | 6.01M | 125.28M | 26.15M | 33.14M | 292.75M | 77.4M | 562.93M | 153.09M | 328.27M | 2.41M | 251K |
| Cash from Financing | -14.51M | -33.25M | -16.04M | 127.41M | 43.63M | -175.43M | 196.33M | 44.76M | 83.39M | 67.83M | 4.91M | 37.55M | -44.28M | -21.13M | -141M | -61.49M | 51.55M | -50.17M | 325.59M | -540.13M | 332.88M | 428.72M | 17.32M | 14.23M |
| Debt Issued (Net) | 9.31M | 19.01M | 5.62M | 87.31M | 46.49M | -209.42M | 188.98M | 61.16M | 80.01M | 60.53M | 6.13M | 19.42M | -41.45M | 0 | -146.85M | -60.62M | 57.4M | -97.41M | 218.75M | -349.58M | 372.52M | 162.39M | 11.41M | 13M |
| Equity Issued (Net) | -45K | -87.83M | -12.73M | 54.14M | 0 | 35.37M | 7.35M | 5.78M | 17.23M | 2M | 0 | 20.19M | 0 | 0 | 6.83M | -27K | 1.84M | 49.87M | 98.34M | 26.92M | 0 | 264.03M | 0 | 0 |
| Dividends Paid | 0 | 0 | -6.01M | -13.36M | -1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -217.47M | -30.5M | -2.32M | -571K | -844K |
| Share Repurchases | 0 | -43.92M | 0 | -15K | 0 | -24.57M | -14.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27K | -732K | -731K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -23.77M | 35.58M | -2.92M | -681K | -1.08M | -1.38M | -5K | -22.18M | -13.84M | 5.29M | -1.23M | -2.06M | -2.84M | -21.13M | -980K | -842K | -7.68M | -2.63M | 8.5M | 0 | -9.13M | 4.62M | 6.48M | 2.08M |
| Net Change in Cash | 10.59M | -28.33M | 15.41M | 18.17M | -16.96M | 14.06M | 3.92M | -22.95M | 25.02M | -2.54M | 4.91M | 37.55M | 9.71M | 0 | 0 | 0 | 51.55M | 20.23M | -3.98M | 12.53M | -97.31M | 112.42M | 2.25M | -1.65M |
| Free Cash Flow | 17.12M | 17.32M | 28.93M | -183.29M | -99.45M | -116.67M | -190.72M | -62.84M | -40.73M | -66.68M | -54.8M | -48.71M | -11.33M | 15.12M | 15.42M | 35.19M | 5.74M | -222.35M | -406.97M | -10.27M | -583.27M | -325.15M | -17.03M | -16.14M |
| FCF Margin % | 21.29% | 20.11% | 34.88% | -227.26% | -176.44% | -193.73% | -288.58% | -153.09% | -103.48% | -234.51% | -419.1% | -1352.42% | -56.44% | 48.12% | 36.99% | 38.72% | 5.32% | -86.39% | -161.33% | -3.31% | -238.84% | -346.54% | -73.79% | -141.24% |
| FCF Growth % | -1.16% | -40.13% | 115.78% | -84.3% | 14.76% | 38.83% | -203.5% | -54.27% | 38.91% | -21.68% | -12.49% | -329.96% | -174.92% | -1.95% | -56.17% | 513% | 102.58% | 45.37% | -3862.74% | 98.24% | -79.38% | -1808.85% | -5.55% | - |
| FCF per Share | 3.70 | 3.74 | 16.08 | -725.02 | -454.22 | -1190.63 | -390869.95 | -999999.00 | -550445.95 | -11.72 | -26.37 | -2.57 | -0.66 | - | - | - | - | - | - | -201372.55 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| FCF Conversion (FCF/Net Income) | 8.56x | 3.44x | 4.77x | 1.76x | 1.86x | -0.03x | -0.59x | -0.06x | -0.05x | 6.37x | 0.16x | -0.97x | 2.18x | -0.24x | -0.08x | 14.17x | -0.13x | 0.46x | 0.23x | -1.91x | 1.38x | 0.87x | 3.02x | 11.99x |
| Interest Paid | 17.72M | 19.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent shareholder dilution risk
As reported in recent financial statements, Top Ships exhibits a highly erratic relationship between net income and operating cash flow, evidenced by a 2025Q4 OCF/NI ratio of -1.61, which suggests that reported earnings are frequently decoupled from the actual cash-generating capacity of the underlying tanker fleet.
The significant divergence between accounting profits and cash inflows indicates that non-cash items and accruals play an outsized role in the company's financial reporting. Investors should monitor whether this volatility stems from non-recurring accounting adjustments or structural inefficiencies in revenue recognition that mask the true cash-generating potential of the vessels.
Based on historical cash flow data, Top Ships has demonstrated an inconsistent free cash flow trajectory, with margins swinging from a high of 91.9% in 2022Q4 to a negative 33.9% in 2021Q4, highlighting the extreme sensitivity of the company's cash position to vessel acquisition cycles and chartering performance.
The erratic nature of FCF suggests that the company's ability to retain cash is heavily dependent on the timing of capital expenditures rather than consistent operational performance. This instability complicates the assessment of the company's long-term ability to fund its own growth without recurring to external financing.
According to quarterly filings, Top Ships' capital expenditure intensity has fluctuated wildly, reaching a peak CapEx/Revenue ratio of 191.3% in 2020Q4, which indicates that the company's cash flow is frequently diverted toward fleet expansion rather than sustaining existing operations through routine maintenance.
The high variability in capital spending suggests that the company prioritizes aggressive fleet growth over stable cash flow generation. This strategy may lead to a modern fleet profile, but it also creates significant pressure on liquidity, as the company must continuously balance heavy investment requirements against the inherent volatility of the shipping market.
As evidenced by historical cash flow statements, Top Ships has frequently utilized cash for vessel acquisitions and share repurchases, such as the $26.3M buyback in 2023Q2, while simultaneously engaging in equity-linked financing that suggests a complex and potentially dilutive approach to managing the company's capital structure.
The pattern of simultaneous share repurchases and capital-intensive fleet acquisitions warrants further investigation into the company's true cost of capital. Investors should remain cautious, as this deployment strategy appears to prioritize fleet scale over the preservation of per-share value, potentially obscuring the underlying return on invested capital.
Quick answers to the most common questions about buying TOPS stock.
Top Ships Inc. (TOPS) generated $26.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Top Ships Inc. (TOPS) generated $17.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Top Ships Inc. (TOPS) spent $9.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.